The naira on Wednesday, February 17 recorded its worst exchange value against some foreign currencies in the parallel market.
Transactions at the Wuse Zone 4, an Abuja Bureau de Change colony monitored by our reporter, indicated that the value of the naira kept dropping hour after hour as customers thronged for business.
The local currency was exchanged at N380 a dollar, N505 a pound sterling and N395 a euro in Zone 4, while in Lagos, it was traded at N375 a dollar, N504 a pound sterling and N396 a euro.
The free fall of the naira started early in February after the Central Bank of Nigeria (CBN) allowed the BDCs to source for the foreign exchange independently from the market and suspended its weekly auctions to them.
However, the foreign currencies remained firm at the official market. A dollar was N199, pound sterling – N285 and euro – N222.
